Firms across the region are keen to insulate themselves from potential changes to the rules on importing and exporting to the EU, with the UK potentially leaving the Single Market and Customs Union when Brexit finally happens in March 2019.
The Coventry and Warwickshire Chamber of Commerce’s International Trade Hub held an event looking at post-Brexit international trade at the Holiday Inn Kenilworth. The event looked at potential scenarios for importers and exporters and highlighted a customs scheme called the Authorised Economic Operator (AEO) Status.
James Ahearne, who heads the Chamber’s International Trade Hub, said AEO could become an increasingly important tool for businesses trading with the EU and the rest of the world post-Brexit.
James said: “Brexit is, of course, a huge political hot potato and here at the Chamber we are working hard through our Brexit Club to feed into Government the wide range of issues that businesses across Coventry and Warwickshire are highlighting to us.
“And while companies have their own view on Brexit itself, they know that they must prepare for a range of outcomes because the final deal is still a great unknown even though the March 2019 deadline is fast approaching.
“We wanted to highlight the AEO scheme because it has been referenced by the government in a number of their recent papers on future trade and customs arrangements with the EU.
“The scheme gives quicker access to certain simplified customs procedures and could be an important part of the solution to keep trade flowing if and when the UK leaves the Customs Union.
“The scheme is clearly part of government thinking going forward but regardless of what happens with Brexit negotiations, the AEO scheme is becoming increasingly critical to global trade. Germany already has over 6,000 AEO accredited companies. The UK only has around 600. Other countries are successfully taking advantage of this scheme and we should be too.
“My biggest piece of advice at this stage is to start looking into it now and assess firstly whether this is something your company needs to apply for and secondly whether you need to have accreditation in place in time for Brexit. The process can take some time and March 2019 is not far away.”
For more information on the Chamber’s work on Brexit or to find out more about the AEO scheme contact the Chamber’s International Trade Hub on 024 7665 4321 or [email protected]
